Circle Internet Financial and Concord Acquisition today announced the mutual termination of their proposed business combination initially announced in July 2021.
Concord has until Dec. 10 to complete a business combination. The transaction agreement also states that Concord can seek a shareholder vote to extend that date to Jan. 31, 2023 — if the SEC has declared the S-4 registration statement effective, which has not yet occurred.
However, Concord in a separate press release said it will liquidate. The per-share redemption price is expected to be approximately $10.17.
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide.
Circle in February announced that it agreed to new transaction terms with Concord Acquisition, increasing the implied valuation of the combined company to $9 billion — up from the previous $4.5 billion when the deal was announced.
The SPAC last month said it would seek to push the deal deadline back to Jan. 31. Read more.
